WPP to Slash Jobs in Revamp as Creative Tech

Tue., Dec. 11, 2018

WPP chief Mark Read is expected to slash 3,500 jobs as part of his three-year "radical evolution" plan to bolster growth at the beleaguered ad/PR conglom by repositioning it as a streamlined creative technology company.

The firm will take a $375M restructuring charge that is promised to result in $350M in annual savings by 2021.

The reorg will involve office shutdowns, "right-sizing of under-performing units," establishing a shared services infrastructure and development of "campus co-locations."

No further elimination of brands is anticipated following the dropping/merging of the J. Walter Thompson, Young & Rubicam, Wunderman and VML names.

Half of the restructuring savings, according to Read, will be plowed back into WPP as it renews its commitment to creativity, with a focus on the US, and technology.